What Are Options For Making Medigap Premium Payments?

For many people, health care has become an extremely high expense which is often unavoidable. For many people, getting Medigap is the best option for health care. While it can be the best option, paying for Medigap can still be a bit complicated. Luckily, those paying for Medigap have several ways that they can go about making a premium payment.

When Payment is to be Made

The first of your options for making Medigap premium payments is when the payment will be made. Many Medigap customers choose to make their payments upfront for a specified period of time. This could include up to 12 months of pre-paid premiums. Others may choose to make their payments on a monthly basis. However, those that choose to delay their payments to a monthly payment may end up spending about 10% more than those that pay upfront.

Form of Payment

The second of your options for making Medigap premium payments is the form of payment that you choose to use. Medigap insurance providers will accept a wide range of payments. This typically includes personal checks, cashier checks, credit cards, or even direct deposits. While some may accept cash, this form is not preferred.

Depends on Insurance Company

The options that you have for making your Medigap premium payments range widely by the insurance company that you have. While some insurance companies may allow you to pay your premium every month, others may prefer you to make a full year upfront. The way that you are required to pay will also depend on your particular situation. Those that are considered greater payment risks may be required to put forth more of a premium up front than others.